U.S. government debt prices were lower Monday morning as risk-on sentiment sought a rebound, after record new coronavirus cases tempered optimism over an imminent economic recovery.

At around 2:45 a.m. ET, the yield on the benchmark 10-year Treasury note was higher at 0.6512% and the yield on the 30-year Treasury bond rose to 1.3845%. Yields move inversely to prices.

The U.S. now has more than 2.5 million confirmed infections and more than 125,000 deaths from Covid-19, according to data compiled by Johns Hopkins University, with a spike of 45,255 on Friday alone. The global toll stands at more than 10.1 million cases and more than 501,000 deaths.

Florida reported a single-day record for new cases of 9,636 on Saturday followed by 8,577 on Sunday, while Texas on Friday rolled back some of its reopening efforts having also reported record rises in infections.

Arizona Gov. Dough Ducey said Friday that new cases in the state are “growing fast across all age groups and demographics” and Health and Human Services Secretary Alex Azar warned on Sunday that the “window is closing” for the U.S. to bring the pandemic under control.

On the data front, pending home sales figures for May are due at 10 a.m. on Monday.

Auctions will be held Monday for $54 billion of 13-week Treasury bills and $51 billion of 26-week bills.

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